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The African Development Bank (AfDB) has provided $280 million to support youths in Nigeria to go into agriculture and agribusiness. Akinwunmi Adesina, president of AfDB disclosed this at the African Youth Agripreneurs (AYA) forum held in Ibadan recently, which over 200 youths in Africa participated.
The AfDB president disclosed that four other African countries namely Democratic Republic of Congo, Sudan, Cameron and Zambia were also given the financial assistance to enable their youths embrace agriculture.
Adesina who was represented by Chiji Ojukwu,a director in the bank said twelve other countries are on the line to get assistance from the regional bank this year while stating that that 33 countries in the continent is being targeted to benefit from the financial support.
He revealed that 37,000 youths between the ages of 18 and 35 who are graduates are being targeted in Nigeria saying that $50,000 will be given to them to execute their agricultural programmes.
He added that 10,000 youths are being targeted in the four other African countries that had already gotten the financial assistance.
According to him, this 10,000 youths being targeted including the 37,000 youths in Nigeria are expected to create employment and reduce the unemployment rate being witnessed now in most African countries.
Adesina however stated that 1.5 million youths are being targeted to be in agribusiness in the whole of Africa in the next few years. He stated that the Institute of International Tropical Agriculture (IITA) is already providing technical support for the selected youths while the regional bank as well as some other financial institutions will provide the finance to support them.
He pointed out that the business approach to agriculture which the AfDB is committed to will help improve productivity, competitiveness and entrepreneurship among Africa’s youth.
The Empowering Novel Agri-business Led Employment (ENABLE) youth program, he stressed, has shown evidence that with greater access to the agribusiness enterprise youth can become the driving force for agricultural transformation in Africa.
“With the right skills, improved access to credit and an enabling environment, young African men and women can become the pound owners of profitable agribusiness enterprises”.
In his address, Nteranya Sanginga, director general of IITA, urged governments at all levels to provide enabling environment and encourage youths to go into agriculture.
While lamenting that most funds budgeted for agriculture by governments in some cases ended up in private pockets, but said there was need to go back to land.
The IITA boss said over 12 million African youth’s graduate every year saying “these youths should encouraged and supported to embrace agriculture.”
Adim Jibunoh, business development, director, Heirs Holdings and Francis Shobo, deputy managing directot, First Bank who represented Oba Otudeko made presentations at the event in which they called for enabling environment and support for youths to go into agriculture.
Akinremi Feyisipo
